heymax, a Singapore-based fintech startup, announced the launch of its latest innovation, Card Maximiser, in partnership with Visa.

This feature, powered by the Visa Offers Platform (VOP), aims to revolutionise how individuals earn credit card rewards by ensuring consumers maximise every dollar spent. The VOP grants clients access to Visa transaction data of enrolled cardholders with their consent, allowing for enhanced loyalty and rewards programmes. By integrating with VOP, heymax can provide users with real-time rewards earning experiences, streamlining the process of managing and optimising credit card rewards.

In a press statement, Joe Lu, CEO and Co-Founder of heymax, highlighted the transformative potential of Card Maximiser: “Simplicity should not be at odds with high rewards. With security and privacy fully in our users’ control, the Card Maximiser is already helping our users build a healthier and more enjoyable relationship with their cards by automatically clarifying which transactions are eligible for bonus points and proactively tracking their monthly S$1,000 bonus spending cap, all with just a one-time step.”

Adeline Kim, Visa Country Manager for Singapore & Brunei, praised the partnership. Card Maximiser provides a seamless solution for cardholders to track and optimise their rewards across multiple Visa cards and bank portfolios. This collaboration enhances the financial management experience, ensuring cardholders can efficiently manage and maximise their rewards.

The heymax Card Maximiser is designed to assist consumers in seamlessly tracking their spending and optimising credit card rewards. This innovative feature gives cardholders comprehensive and real-time insights into their transactions and rewards accrual. Using the Card Maximiser, consumers can accelerate their reward accumulation, transforming everyday spending into significant benefits ranging from daily rebates to free dream vacations. The tool empowers users to maximise their rewards effortlessly, ensuring they get the most out of every transaction.

Also Read: These 14 fintech innovators are shaping the global financial landscape

The Card Maximiser prioritises security and ease of use. Utilising Visa’s secure network, consumers can link their Visa credit cards without compromising their card numbers, guaranteeing privacy and security. The tool offers real-time transaction tracking, providing an instant view of credit card transactions and eliminating the need for manual entry or synchronisation. With a clear understanding of how much is earned from each transaction, consumers can effortlessly monitor their progress towards reward goals, ensuring they never miss out on potential rewards.

Helping users achieve their dream holidays

Founded by a group of former engineers from Meta, heymax is a dynamic Singapore-based fintech startup focused on transforming how consumers manage and maximise their credit card rewards. The company’s innovative products, such as the Max Card, integrate all user cards and intelligently route transactions to ensure optimal rewards. This seamless approach simplifies credit card usage and enables users to accrue maximum benefits from their spending. heymax’s platform also features intelligent spend tracking and tailored recommendations, allowing users to earn “Max Miles” from over 400 brands, which can be redeemed on numerous airline and hotel rewards programmes, ultimately facilitating a free trip each year.

heymax has gained significant recognition in the startup community, being named in the TOP100 Growth Programme by e27. This programme, held with Echelon X at the Singapore Expo on May 15-16, provides Southeast Asian startups with regional visibility, funding opportunities, mentorship, and business matching programmes.

Selected from a competitive pool of applicants, these startups are well-positioned to innovate and significantly impact the Southeast Asian market. heymax’s inclusion in this prestigious list underscores its potential to reshape the fintech landscape and highlights its commitment to helping consumers optimise their credit card rewards.

“This partnership came from a shared vision between heymax and Visa to create greater ecosystem value for consumers, financial institutions, and businesses through innovative solutions. With the synergy between Visa’s extensive network and expertise in payments and heymax’s proprietary rewards algorithm, we saw the opportunity to empower consumers with unparalleled insights into their credit card rewards. Through heymax Card Maximiser, consumers have greater transparency and control over their financial choices,” explained heymax Product Manager Long Yin Luk in an email to e27.

Also Read: Fintech Nation integrates thought leadership and community into its startup support initiatives

When asked about the prospect of similar partnerships in the future, he said the company planned to continue pursuing partnerships to create more rewarding experiences for consumers.

“One area of focus is collaborating with card issuers. By leveraging the infrastructure of heymax Card Maximiser, card issuers can effortlessly deploy targeted rewards for specific card transactions, incentivising increased card usage. Through such partnerships, we aim to unlock new avenues for consumer engagement and deliver even greater value to our users in a win-win situation,” he closed.

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Image Credit: heymax

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In the evolving landscape of the digital economy, automation and artificial intelligence (AI) are redefining the traditional roles within various industries, particularly in accounting and bookkeeping.

This shift is not just about replacing human effort with machines but enhancing the capabilities of financial professionals with new tools and technologies. As we delve into this transformation, it becomes clear that the future of accounting is not about displacement but evolution.

The advent of automation in accounting

The integration of automation in accounting has been both rapid and revolutionary. According to a report by McKinsey, about 50 per cent of current work activities in accounting could be automated by 2030, using existing technologies.

This seismic shift is largely driven by software that can handle tasks ranging from data entry and analysis to complex compliance management. The result is not only a reduction in the need for manual input but also an increase in efficiency and accuracy.

Also Read: The future of fintech innovation will be a constant dance between progress and security: AND Global

AI and machine learning further extend these capabilities by enabling systems to learn from data and improve over time, thus identifying trends and anomalies that would go unnoticed by the human eye. A study by Accenture found that AI could increase productivity in accounting tasks by up to 40 per cent, underscoring the substantial impact of these technologies.

Reshaping roles and responsibilities

As mundane and repetitive tasks are automated, the role of accountants and bookkeepers is shifting towards more strategic functions. This transition means that professionals in the field are now expected to focus more on interpreting data, managing risks, and advising on business strategies rather than just crunching numbers.

For entrepreneurial accountants, automation opens new avenues. Starting a bookkeeping business today means leveraging technology to offer more value-added services. Automated tools can handle day-to-day record keeping, allowing business owners to focus on providing clients with actionable business insights and customised financial consulting. This shift not only increases the potential client base but also enhances the quality of service, setting a foundation for competitive advantage.

For instance, with the advent of AI-powered analytics, accountants are now instrumental in providing insights that help shape business decisions. A survey by the Institute of Management Accountants (IMA) revealed that 45 per cent of accounting professionals believe that their role now involves more strategic planning than ever before.

Also Read: From crunching numbers to transforming data: How I made a career switch from accounting to tech

New skills for a new era

The demand for new skills is perhaps the most significant change brought about by automation. Accountants and bookkeepers need to be not only numerate but also technologically adept. Proficiency in data analysis software, understanding of AI applications, and skills in cybersecurity are becoming as fundamental as traditional accounting expertise.

Moreover, as businesses increasingly look for value beyond number-crunching, soft skills such as strategic thinking, communication, and leadership are becoming crucial. Accountants are expected to act as business advisors who can articulate financial insights and influence decision-making processes.

The impact of automation on accounting jobs is profound and multifaceted. While it brings challenges, particularly in terms of required skills and changing roles, it also offers substantial opportunities for those willing to adapt.

By embracing these changes, accountants and bookkeepers can transcend traditional boundaries, delivering more strategic value and steering their careers towards more fulfilling and impactful directions.

In the era of automation, the accountants who will thrive are those who view technology as a tool for enhancement rather than a threat to their profession. As the industry continues to evolve, the most successful professionals will be those who can harness the power of AI and automation to redefine what it means to be an accountant or bookkeeper in the digital age.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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Every year since its inception in 1970, Earth Day has been celebrated on April 22 with a clear mission: to educate about the environment. While environmental protection is a major focus, this year, let’s explore the surprising connection between Earth Day and cybersecurity.

The digital age and its environmental impact

Our ever-increasing reliance on the internet and digital technology has revolutionised our lives, but it also comes with a hidden cost: environmental impact. The energy consumption associated with data centres and digital devices is significant and continues to grow. Estimates suggest the internet and related technologies are responsible for up to 3.7 per cent of global greenhouse gas emissions.

Cybersecurity:  A champion for sustainability

Fortunately, strong cybersecurity practices can actually contribute to a more sustainable future. Here’s how:

• Reduced energy consumption: Cybersecurity measures like data encryption and network segmentation can minimise unnecessary data transmission and improve network efficiency, leading to lower energy use.
• Extended device lifespan: Frequent data breaches can prompt premature device replacements. Robust cybersecurity practices like software updates and vulnerability patching keep devices secure and functional for longer, reducing electronic waste.
• Protection of critical infrastructure: Cyberattacks on power grids, water treatment plants, and other critical infrastructure can have devastating environmental consequences. Stronger cybersecurity safeguards these systems, reducing the risk of outages and their associated environmental impact.

Also Read: Burning urgency: Why businesses must mobilise against forest fires and climate change

Taking action for a greener, safer digital world

Here are some ways we can all contribute to a more sustainable and secure digital world:

• Individuals: Be web-savvy by avoiding suspicious links and attachments. Use strong passwords and two-factor authentication for added security. Keep software up-to-date and dispose of old electronics responsibly.
• Businesses: Choose cloud providers with a commitment to sustainability and utilise cloud security features for resource optimisation. Promote employee awareness of the connection between cybersecurity and sustainability.

The challenge: Climate change and cybersecurity

Climate change presents new challenges for cybersecurity. For example, extreme weather events can disrupt critical infrastructure, potentially creating security vulnerabilities. Cybercriminals may exploit these disruptions to launch attacks.

Building resilience: Best practices for businesses

Organisations can improve their preparedness by:

• Conducting regular risk assessments: Identify potential climate-related threats and develop response plans.
• Building a culture of cybersecurity: Promote awareness of climate-related cyber threats among employees.
• Developing contingency plans: Have plans in place to respond to disruptions and disasters related to climate change and cybersecurity.
• Investing in technology: Utilise threat intelligence platforms and other tools to manage climate-related cyber risks.
• Promoting innovation: Explore technologies that automate cybersecurity processes to reduce human error.

Earth Day serves as a powerful reminder of our environmental stewardship. This year, let’s explore the surprising connection between cybersecurity and sustainability. Strong cybersecurity practices go beyond data protection.

They contribute to a greener future by reducing energy consumption through efficient data transmission and extending device lifespans. Additionally, robust cybersecurity safeguards critical infrastructure from cyberattacks, mitigating environmental damage from potential outages.

By embracing strong cybersecurity practices, we can contribute to a more sustainable future. A secure digital world is not just about protecting data; it’s about protecting our planet. Let’s work together to achieve a future that’s both secure and sustainable.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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

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This article was first published on April 30, 2024

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On Wednesday, May 15, Guan Dian, Co-Founder and APAC General Manager at Patsnap, will speak on stage at Echelon X about the company’s journey in implementing Artificial Intelligence (AI) technology. Before becoming a global market leader in its field, Patsnap had already become one of the earliest to include this technology in its DNA, and the company is ready to share its story.

Patsnap sets itself apart in the AI era through its pioneering adoption of AI technologies, from previous iterations of NLP and computer vision to the latest advancements in Generative AI. Unlike many others in the field, Patsnap develops its own models rather than relying on partnerships with external organisations such as OpenAI.

According to Guan Dian, this approach “allows us to continue building trust with our customers because, as you can imagine, our customers are also at the forefront of innovation in various industries, whether it is in automotive, semiconductor, or new drug discovery.”

Furthermore, Patsnap’s dedication to data quality is evident in its meticulous curation of sources over the past 15-16 years, forging partnerships with top-tier data suppliers globally. This rigorous approach guarantees that whether utilising AI models or traditional search engine methods, the outputs generated maintain a high-quality standard, cementing Patsnap’s reputation as a leader in innovation intelligence.

Also Read: Unlock growth and scalability by leveraging data with PatSnap

Patsnap operates within the realm of innovation intelligence, a novel category it helped define. This domain encompasses any information, insights, or intelligence stakeholders utilise in the technology innovation ecosystem. The key players in research and development (R&D) are at the forefront of this ecosystem. This includes innovators, researchers, developers, and supporting entities such as IP lawyers and universities.

Patsnap aids these users by offering an extensive collection of data from diverse sources, notably the global patents database. Additionally, it provides access to rich technical repositories such as journals, papers, and technology news articles. In specific domains such as pharmaceuticals, Patsnap boasts a comprehensive database covering globally available drugs, drug development pipelines, and disease-related experimental data.

Their approach involves gathering this data and leveraging AI for processing, classification, labelling, and annotation. Subsequently, they offer user-friendly interfaces to facilitate easy access to relevant information for product development or research purposes.

Furthermore, Patsnap assists users in comprehending the gathered information swiftly, aiding in making informed decisions based on insights gleaned from journal papers or patent analyses.

“We first started developing AI capabilities as early as 2015, even though we didn’t call it AI. We called it data mining or extraction.”

Also Read: Koh Boon Hwee, Patsnap CEO, iGlobe invest in MindFi’s US$750K round as it makes it into Y Combinator

Moving further ahead with AI

Since the middle of last year, Patsnap has established an internal team dedicated to advancing their internal language model capabilities. Embracing an “AI first” mentality, the company has shifted its focus from the CEO downwards, ensuring that every product feature and workflow is viewed through the technology.

This shift in mindset prompts Patsnap to reconsider and constantly enhance existing features and capabilities. By reimagining aspects such as pattern search, they aim to infuse elements of Generative AI into their R&D and intelligence search processes, thus bringing about distinctive improvements. Through this approach, the company identifies opportunities for reuse and innovation, leading to heightened efficiency and intelligence in its user services.

Patsnap’s concentrated efforts in reimagining search within AI and Generative AI have yielded multiple capabilities.

“These range from enhancing pattern and paper reviewing processes to aiding in the invention writing process. With a continuous influx of new features in the pipeline, we ensure regular updates, guaranteeing that users benefit from the latest advancements every month, with each button and feature promising new enhancements,” Guan Dian closes.

Catch her at the Future Stage of Echelon X at the Singapore Expo on May 15 at 02.05 PM.
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Image Credit: Patsnap

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We are 2 days away from Echelon X! Visit Echelon X to learn more about the program. Get your tickets here!

Echelon has long established its reputation as an ecosystem enabler, connecting startup founders, corporates, entrepreneurs, investors, and other relevant stakeholders with each other to foster innovation, growth, and impact.

With its 10th edition dubbed as Echelon X happening on 15 and 16 May at Singapore EXPO, the project promises to offer so much more than connections — this year, the program will feature 91 sessions made up of 8 keynotes, 8 startup showcases, 21 fireside chats, 8 side room events, 18 panel discussions, 13 Speakzone sessions, and 15 roundtable discussions, offering a plethora of learning opportunities for all attendees.

With all these exciting events happening side by side, the possibilities for learning, networking, and collaboration are endless.

Check out these learning opportunities at Echelon X

One of the key highlights of the two-day event is a panel discussion on the topic, “Does Sustainability, Economic, and Social Impact Still Matter Today?” featuring Tim van Vilet, VP for Venture Scale at ENGIE Factory Asia-Pacific, Greg Blackwood, Investment Committee Member of NUS Enterprise / RaiSE, Diana Kam, CEO for Singapore Markets & APAC Region at Venturebeam, and Gavin Chua, Head of Stakeholder Engagement in APAC for Meta. The panel discussion will be moderated by Rachel Wong, Founder of Founders Doc.

The panel promises to shed light on the evolving landscape of sustainability, economic, and social impact in today’s globalised world. Tim van Vilet, drawing from his extensive experience in venture scaling, is expected to provide insights into how sustainability can be integrated into business models without compromising profitability. Greg Blackwood, with his background in investment, will likely explore the growing trend of impact investing and its implications for both investors and social enterprises.

Diana Kam’s perspective as a CEO in the tech sector will offer valuable insights into how technology can be leveraged to address environmental and social challenges, while Gavin Chua’s role in stakeholder engagement at Meta will bring in the perspective of a tech giant and its responsibility towards sustainability and societal impact.

Also read: Explore hyper-personalised customer experience with CleverTap

Another exciting session attendees should check out is a discussion entitled, “Responsible AI in Southeast Asia: How Do We Go About It?” The panel will feature key industry leaders including Niki Luhur, Group Chief Executive Officer for Vida Digital Identity, Jayotika Mohan, APAC Head of Startups & SMB at Google Cloud, Yasunori Kinebuchi, Director for NTT, and Sausheong, Chang Deputy Chief Executive for Product and Engineering at GovTech Singapore. The panel will be moderated by Scott Bales, Keynote Speaker & Thought Leader for ODE Management.

This discussion will focus on the critical topic of responsible AI implementation in Southeast Asia. With a diverse panel covering a range of verticals in the AI adoption space, including cloud management, government, and digital identity, the discussion will delve into the critical topic of responsible AI implementation in Southeast Asia. Attendees can expect insights into the ethical considerations, regulatory challenges, and best practices for deploying AI technologies in a socially responsible manner. Moderated by Scott Bales, an expert in innovation and digital transformation, the session promises to offer practical strategies and case studies, providing valuable guidance for businesses and governments navigating the complexities of AI adoption in the region.

Get to know exciting companies and organisations

With Echelon X’s commitment to fostering innovation, growth, and impact, we are joined by some of Southeast Asia’s most driven companies and organisations who share our mission. As we embark on this journey together, we are proud to collaborate with partners who are dedicated to driving positive change in the region. Among our esteemed partners are: Prudence Foundation as a Disaster Technology Partner, Remote as a Preferred HR Partner, and Google Cloud as a Cloud Sponsor.

Echelon X is also going to be joined by Nippon Telegraph and Telephone, Air Asia, and BigPay as our Gold Sponsors, AppsFlyer, DevRev, the Singapore Global Network (SGN), CleverTap, and Josys as our Silver Sponsors, among many more. To find out who else is partnering with us to usher in this era of innovation, you may visit our official Sponsors and Partners page.

Also read: Nurturing real-world design innovation in Singapore

Joining them are other key leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region who will be gathering together for two packed days. Echelon X will feature dedicated content stages, exhibitions, panel discussions, and more — all to support and empower the tech startup ecosystem with actionable insights through a series of knowledge-sharing activities.

Whether you’re eager to expand your knowledge, network with key players from the tech startup scene, or showcase your innovative ideas, Echelon X offers an unparalleled experience. Join us as a participant or an official partner by securing your spot now on our official page. Together, let’s embark on a journey to shape the future and create a lasting impact.

Join us at Echelon 2024, where innovation knows no limits, and the possibilities are endless!

The post Road to Echelon X: Exciting things we have in store appeared first on e27.

Artificial Intelligence (AI) is not new. Neither is reputational risk. While corporations have been utilising AI for a while now, most usage has been unseen. That is, data analytics, predicting customer behaviour, sales and marketing, or operations. Most of the time, clients and customers do not see the touch of AI in a corporation’s work. 

For instance, a manufacturing company might use machine learning to collect and analyse an inhuman amount of data, identifying patterns and anomalies for which the company might choose to act upon to improve operations. As a customer of this manufacturing company, you probably will never see this AI in the works. 

That might change with ChatGPT. The language model answers questions and assists with tasks. Now, students might use it to write an essay, or a software engineer to code, a traveller to plan an itinerary, and some are already using it as a search engine. And companies are planning to jump on this bandwagon. 

Forbes reported that Meta, Canva, and Shopify are using ChatGPT to answer customer questions. They also found that Ada, a Toronto-based company that automates 4.5 billion customer service interactions, partnered with ChatGPT to further enhance the technology. 

Furthermore, CNBC reported that Microsoft is planning to release technology so that big companies can launch their own chatbots using the OpenAI ChatGPT technology. That’s going to be billions of people interacting with ChatGPT. 

It seems like a perfect partnership, a natural step in technology’s evolution. 

A double-edged sword

But not everyone has jumped onto this tempting bandwagon.  Some of the most AI-proficient organisations in the world are treading with caution, and for good reason. 

Also Read: AI assistant or replacement? A PR pro’s take on using ChatGPT

As impressive as ChatGPT has proved thus far, Large Language Models (LLM) like ChatGPT are still rife with well-known problems. They amplify social biases, often negatively against women and people of colour. They are riddled with loopholes—users found that they could circumvent ChatGPT’s safety guidelines, which are supposed to stop it from providing dangerous information, by asking it to simply imagine it’s a bad AI. In other words, ChatGPT-like AI is fraught with reputational risk. 

Harnessing technology with a healthy reputational risk mindset

But that doesn’t mean we have to totally dismiss AI like ChatGPT. Adopting new technology of any sort is bound to come with risks. So, how do we reap the benefits of AI whilst maintaining a healthy level of reputational risk?

The Reputation, Crisis and Resilience (RCR) team at Deloitte held a roundtable with industry leaders in financial services, technology, and healthcare industries to discuss how they approach the complex challenge of managing reputation risk.

Some of the points concluded were:

• Foster a reputation-intelligent culture: One of the key things discussed was creating a culture that is sensitive to brand and reputation. In any decision made, employees should have an internal compass that constantly asks: will this move the needle on the company’s reputation, and how? This can be cultivated through holistic onboarding and training programmes.
• Set a reputation risk tolerance: Setting a tolerance can help organisations make intentional decisions. No companies want a reputational hit, but few companies actually set tolerance levels for how much risk they want to take. When you have a threshold to stay within, it’s easier to deal with new technologies you might not understand fully.

Also Read: Singapore surpasses US in AI investment: Study

• Utilise reputation risk management: Measurement methods include regular surveys, media monitoring, and key opinion former research. However, leaders must find a balance between collecting the relevant data without drowning in it. Research shows that too much data collection can be counterproductive, distracting people from the bigger picture or creating a risk-averse attitude. 

Since AI is and will continue to develop very quickly, knowing the intricate breadths and depths of AI all the time will be difficult. While we should keep abreast, what’s more important is focusing on cultivating a strong mindset around reputational risk so that no matter the tool—AI, social media, cryptocurrency—we can always manage the reputational risk involved.

For instance, instead of concentrating all effort and focus towards the dangers of a kitchen knife and how it might hurt you, learn about the general guidelines of personal kitchen safety, be it from the sharp edge of a knife or a pan-fire.

Similarly, instead of concentrating on the latest technological marvel and learning about every single reputational risk that might come with it, build a robust reputational mindset instead—one that will weather your organisation through any risky business.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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

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Gapai, which provides international job placement services for overseas Indonesian workers, has raised US$1 million in seed funding.

Wavemaker Partners led the round with participation from returning investor Antler.

Also Read: The future is skills, not jobs

Gapai will utilise the fresh funds to strengthen the operational process for overseas placements with comprehensive technological infrastructure. With new licenses and processes, Gapai aims to create business growth of up to 10x from last year. This year, Gapai aims to onboard 70,000 Indonesian workers, matching 2,200 with global job opportunities.

Based on national data covering the years 2020-2023, there has been a 7x increase in illegal trafficking cases against Indonesian migrant workers. Around 1,800 people have become victims of unlawful job placement in various countries. Gapai aims to mitigate this issue.

The platform connects prospective employees with suitable employers for fast and safe cross-border job placements. The company operates by screening candidates, conducting interviews, and providing upskilling opportunities for Indonesian workers to build a network of ready-to-work talents that can meet international labour demands.

Since being funded by Antler at inception, Gapai has developed a network of 12,000 qualified workers. “With Indonesia’s vast and growing population, we plan to dramatically scale our operations, aiming to assist ten times more migrant workers annually,” said Radityo Susilo, CEO of Gapai.

Also Read: Gig workers crave traditional benefits enjoyed by their fulltime worker peers. Jod aims to bridge the gap

“Our business development priority this year is to expand Gapai’s market reach to 15 countries across Europe including Hungary, Romania, Germany, and the UK, as well as nations in the Asia-Pacific region like Japan, South Korea, and Taiwan, and the Middle East, such as Saudi Arabia, UAE, Kuwait, and Qatar,” he added.

By 2045, Indonesia will boast a workforce demographic advantage, with 70 per cent of its population projected to be of working age. This contrasts starkly with regions like Japan, South Korea, and Europe, which face the challenges of ageing populations and slower population growth.

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MetroElectro, a climate tech startup in Australia, has received a pre-seed investment of AU$1.03 million (US$690,000) from Singapore-based climate tech venture builder Wavemaker Impact.

The capital will allow the company to develop several pilot projects in a premium industrial park in the outer suburbs of Melbourne and unlock further funding opportunities to drive the decarbonisation of the Australian electricity grid.

Also Read: Beyond buzzwords: How climate tech startups can create an impact in green recovery

Founded by veteran digital business entrepreneur Lloyd Heinrich, MetroElectro is a renewable energy company focused on unlocking the potential of commercial and industrial (C&I) rooftops. The startup, built from a venture-studio model, has developed its solution by collaborating with industry experts, investors, and businesses in the C&I sector.

MetroElectro’s solution aims to transform overlooked swathes of rooftops in industrial parks, turning these difficult-to-address assets into efficient energy generation resources. The approach simplifies the complexities, eliminates onerous capital requirements on owners and their tenants, and mitigates risks associated with distributed solar power on commercial rooftops.

Through strategic coordination with key stakeholders, including building owners, operators, the electricity grid, off-takers, and financiers, MetroElectro aggregates supply to facilitate meaningful trading in both wholesale markets and ancillary services.

MetroElectro is targeting the AU$672 billion market for C/I renewable energy in Australia and beyond, with a vision to reach AU$100 million in revenue and decrease 100 million tons of CO2 shortly.

Also Read: AirX Carbon turns coffee grounds, rice and coconut husks into bioplastic

“Our mission to build a portfolio of companies that can decarbonise 10 per cent of global carbon emissions compelled us to look at Australia and see it as one of the most advanced markets in innovation and commitment to reaching climate goals,” said Marie Cheong, Wavemaker Impact Founding Partner. “MetroElectro embodies how we see our vision come to life in this market and its role in decarbonising our future.”

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On Wednesday, F&B giant PepsiCo unveiled the 10 finalists for its APAC Greenhouse Accelerator Program 2024. Launched at the beginning of the year, this initiative called for applications from startups across the Asia Pacific region, aiming to discover innovative solutions in sustainable agriculture, circular economy, and climate action. A committee of PepsiCo leaders selected these finalists based on their potential to deliver groundbreaking approaches to sustainability challenges.

A notable highlight of the finalist selection is the significant representation from Southeast Asia (SEA), with half of the chosen startups originating from this region.

Those SEA companies are:

CIRAC (Thailand)

CIRAC aims to provide a breakthrough technology for recycling aluminium-laminated plastic packaging, one of the most challenging packaging wastes to recycle. CIRAC’s technology recycles aluminium-laminated plastic into sustainable aluminium and heavy oil.

AIIEV (Thailand)

AIIEV aims to revolutionise transportation in the country. They empower businesses to achieve sustainability and cost savings through a game-changing subscription model for electric conversions, extending the life of existing commercial vehicles.

Also Read: Application to PepsiCo’s Greenhouse Accelerator 2024 is extended!

Alternō (Vietnam)

Alternō is dedicated to pioneering sustainable solutions that significantly reduce carbon emissions in agriculture, industry, and residential heating. The company was founded with a vision to create Asia’s first low-cost thermal energy storage solution for renewable energy, to be deployed widely across the region by 2050.

Grac (Vietnam)

Grac provides affordable waste and recycling solutions for local governments and businesses seeking a smarter, sustainable alternative. Grac was born to design the most suitable waste management model in Vietnam and developing countries. Grac contributes to reducing waste, separating waste at source, reducing GHG emissions and building a circular economy.

Takachar (The Philippines)

Takachar enables communities to turn their crop and forest residues into higher-value, carbon-negative bioproducts such as fertilizers, chemicals, and biofuels in a small-scale, decentralised, self-sufficient manner, thereby uniquely advancing climate justice. They develop small-scale, low-cost, portable systems that latch onto the back of tractors and pick-up trucks and deploy to rural, hard-to-access regions, enabling self-sufficient rural bioeconomies, and preventing air pollution and carbon footprint associated with open-air biomass burning.

Other companies on the list are Mi Terro (China), ELIoT Energy, Wildfire Energy, X-Centric (Australia), and Captivate Technology (New Zealand).

Each finalist has been chosen for its distinctive strategy in tackling environmental and sustainability issues, with a particular emphasis on criteria that resonate with PepsiCo’s transformative pep+ (PepsiCo Positive) initiative. This program signifies PepsiCo’s dedication to fostering a future-oriented food system where both humanity and the planet can flourish.

In a notable expansion for 2024, PepsiCo has broadened the focus of the APAC Greenhouse Accelerator Program to include sustainable agriculture as a critical area of attention. Recognising the pivotal role of agriculture in the food ecosystem, PepsiCo has identified two pioneering startups in this field as finalists, each contributing innovative solutions to promote sustainable farming practices.

Also Read: Application to PepsiCo’s Greenhouse Accelerator 2024 is extended!

Furthermore, PepsiCo has forged new partnerships with its bottlers, Suntory PepsiCo Beverage in Thailand and Vietnam, both deeply committed to environmental impact and sustainability. These collaborations aim to deepen sustainability efforts in the region by engaging stakeholders and amplifying the reach of impactful initiatives through collective action.

To provide comprehensive support to the finalists, the APAC Greenhouse Accelerator Program offers a robust ecosystem connecting them with PepsiCo’s extensive network of mentors, industry experts, and resources. This framework is designed to nurture development, expedite market readiness, and enhance the scalability of the finalists’ solutions.

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Image Credit: PepsiCo

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Building a startup is a complex process that requires careful consideration and decision-making. Typically, the company’s founders serve as its directors following incorporation. As the startup progresses through various equity funding cycles, it is natural for the board membership to expand. Lead investors in these rounds often request a board seat to oversee matters at the board level.

However, the inclusion of independent directors on the board is a topic that has not been widely discussed. Some assume that independent directors are only necessary for public-listed companies or those with a large shareholder base, where regulations require stronger corporate governance. Since startups are private and require less governance, the need for independent directors at an early stage is often questioned.

As an independent director for a tech startup during its Series A fundraising round, I was able to contribute my VC expertise and governance experience gained from serving on various boards.

This experience has been beneficial for both the startup and myself, and I believe that the advantages of having independent directors for startups should be shared.

What constitutes an independent director

According to the Singapore Institute of Directors (SID), “An independent director is one who is independent in conduct, character and judgement, and has no relationship with the company, its related corporations, its substantial shareholders or its officers that could interfere, or be reasonably perceived to interfere, with the exercise of the director’s independent business judgement in the best interests of the company.”

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It sounds very complex, but in essence, it is a person who does not have any conflicts of interest with the company. The SID continues further with guidelines like tenure not exceeding three years will be defined as an independent director.

The case for independent directors

Having independent directors can bring several benefits to an early-stage startup. Here are some key advantages:

Objective decision-making

Free from any ownership in the company, these directors offer an unbiased perspective on company matters. This can be particularly valuable for startups, where founders may be driven by enthusiasm and a willingness to take risks in order to grow the company.

For example, a founder might be eager to use company resources to develop a new product, but this decision could be based more on euphoria than sound business assessment. By having an independent voice weigh in on the situation and ask probing questions, the company can make more informed decisions. In some cases, this might even mean deciding not to pursue a particular course of action in order to protect the company’s interests. With an independent director on board, the decision to do so carries greater weight and authority.

Expertise and experience

Independent directors bring a wealth of knowledge, experience, and expertise to the table. Their insights, guidance, and mentorship can prove valuable to the management team. In the case of investment deals, particularly for deep tech companies, it is not uncommon to see a tech or science expert serving as an independent director on the board. This is important because it immediately instils a credible belief that the technology IP being created is viable while also providing the founder with a technical and scientific resource to draw from during the technology’s development.

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In addition, successful operators and entrepreneurs are often seen serving on the board as independent directors. They lend their reputation and networks to the company, which can be valuable in attracting stakeholders and building strong relationships to secure good partners and potential first clients. This is particularly important for very young startups that are in the angel-to-seed stages.

According to a report from startupsventurecapital.com, some top reasons why startups fail are due to product market fit, poor marketing, being outcompeted, and other relevant business issues. The presence of former entrepreneurs and operators as independent directors on the board is vital to advising the management team in their business operations and strategy.

Corporate governance and compliance

Corporate governance and compliance are essential aspects of any startup’s success. Independent directors play a critical role in ensuring that the company follows good corporate governance practices. They provide oversight and accountability, helping the startup establish and maintain robust governance frameworks, internal controls, and ethical standards. This, in turn, can enhance the startup’s reputation, mitigate risks, and foster long-term sustainability.

While it may not be necessary for startups to have an independent director until they reach Series A, it is still an excellent foundation for developing a culture of accountability to the board. Having an independent director on board can help the startup establish good governance practices early on, which can be crucial for its long-term success.

Conflict resolution

As someone who has advised and mentored startups over the past decade, I have observed that conflicts between startup founders are quite common. This is especially true among male co-founders, who tend to suppress their emotions until a breaking point is reached, leading to highly contentious discussions. According to a report by startupsventurecapital.com, 13 per cent of startups fail due to disharmony among team members and shareholders.

To address this issue, independent directors can serve as mediators to resolve conflicts within the startup. Their impartial perspective and neutrality can be beneficial in resolving conflicts effectively and preventing them from escalating, thereby safeguarding the interests of the startup.

When to include an independent director

Selecting the right independent director for a startup board is a complex process that requires careful consideration. It is essential to note that the benefits of appointing an independent director may vary depending on various factors such as the industry, startup’s needs, stage of development, and the expertise of the director.

Some potential candidates may be more suitable as technical advisors or mentors if they lack experience in governance or an understanding of their limitations.

Above all, this article hopes to encourage startup founders to adopt the mindset of selecting the most appropriate independent directors to facilitate their startup’s growth to the next level.

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This article first appeared on TRIVE’s blog.

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The post Unbiased guidance, enhanced governance: The power of independent directors for startups appeared first on e27.