Recently, hospitality tech company RedDoorz announced that in Q4 2023, the company experienced a group revenue growth of 30 per cent year-on-year (YOY). It also stated that, since 2019, RedDoorz has recorded a group profit of over 90 per cent.

In a press statement, RedDoorz CEO Amit Saberwal said that the positive growth achieved throughout 2023 is the outcome of implementing the “Mission Freedom” strategy.

“We optimised the operational and financial aspects of the company to attain independence and maximise profit growth. We are also optimising the use of Artificial Intelligence (AI) for service automation and focus on developing businesses in our core markets, Indonesia and the Philippines, to increase the loyalty of domestic tourists in each country,” he said.

But how did the company survive the most challenging time for the travel and tourism industry in the last decade? In this email interview with e27, Mohit Gandas, Country Director, RedDoorz Indonesia, shares all the details.

Also Read: Government support and industry initiatives propel hospitality toward sustainability

The following is an edited excerpt of the interview:

What kind of changes in user behaviour have you noticed in Indonesia in the post-COVID-19 lockdown era?

We have observed changes in user behaviour mainly revolve around travel preferences and increased digital adoption. As lockdowns eased and pandemic restrictions gradually relaxed, people began to travel again.

At the same time, we noticed a trend among consumers to prioritise saving their budgets and allocate more spending
for holiday seasons. Regarding digital adoption, our users have become more proficient in using technology and have started to book directly through our app rather than make reservations at the hotel.

Is there any change in your user acquisition strategy once Indonesia has opened up again?

During and after the pandemic, we continued to expand our portfolio of property businesses, targeting other market segments. On top of our main brand, RedDoorz, which focused on budget hotels and targeting the middle to low segment, we seized the opportunity to establish multiple brands to target more premium segments, including SANS, UrbanView, and Sunnera, two- to three-star hotels.

We are focusing on attracting domestic travellers and we are confident that the movement of domestic travellers will continue to increase. According to data released by Indonesia’s Central Statistics Agency, the recovery rate of starred hotels from August 2022 – 2023 was only around three to four per cent. However, it is a different story with RedDoorz, which showed a more than threefold increase in room sales during the same period.

Also Read: The days of the ZIRP raise-cash-burn-cash model are gone: ZUZU Hospitality CEO

Through #OpenAllDoors campaign, we also communicate that RedDoorz is not only for holidays but also for workcation, staycation, visiting family and relatives, accommodation after attending concerts, graduation, etc.

Can you tell us more about the use of AI in your operations? How does it make a difference?

We use AI technology to do strategic pricing. In emerging markets such as Indonesia, customers tend to make reservations at the last minute, unlike in advanced ones where people book many months in advance. They will suffer competitively if hotel owners know how and when to price.

Our system for strategic pricing, however, picks up demand signals including surges in traffic in real time, which help to establish optimal room rates for our property partners, enabling them to capitalise on economies of scale. The need for a real-time solution is more important in emerging economies.

How do you maintain profitability with your strategy to acquire more properties?

We will continue to focus on our core business and core markets: Indonesia and the Philippines. We also focused on quality vs quantity of property portfolio as well as a lot more on bigger and more premium properties. We should have roughly 300 properties under our premium brands, SANS, UrbanView and The Lavana. Every property now contributes more money at a per unit level, and we want to grow another 30-50 per cent this year.

What opportunities do you plan to focus on in 2024? What is your major plan?

Our focus in 2024 is to maintain profitability. We aim to have 8,000 property partners in three to four years.

Also Read: How a hospitality career helped me jump into tech

As for Indonesia, we see promise for growth led by the increasing number of young travellers, which is more than 270 million people, the world’s fourth largest. Especially for Gen-Z, we observed a shift in behaviour among Gen-Z travellers post-pandemic, particularly those who are digitally adept and active on social media, that they tend to travel based on influencer recommendations, which are more various destinations and “Instagrammable” hotel designs.

This demographic is becoming increasingly discerning in selecting budget-friendly accommodations as well. So, we will continue to focus on the Gen-Z tourist group.

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Image Credit: RedDoorz

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Fundraising has always been a daunting task for founders, with many describing it as almost a full-time job and one of the most difficult aspects of their many roles.

It doesn’t help that the power dynamic has always been with the investors — that someone decided to come up with Glasswall, which is sort of Glassdoor to allow founders to review VCs, perhaps in a bid to stem some of the unsavoury behaviour they display and steal some of the power back to founders.

I would like to share a concept that I learned during the early part of my career in the hope that it would help founders do a post-mortem of their conversation, wondering or even blaming themselves for what has gone wrong, to move on slightly easier.

Objection or rejection

An objection, simply put, is a concern that, if successfully addressed, would mean a yes or a sale or at least one step closer. Rejection is a state of mind held by the person that no matter what you say, nothing matters.

Let me give you a scenario. Imagine you are a car salesman. A serious buyer walks in and, after the test drive, remarks on the price. This could suggest he or she is seriously considering buying the car but has some reservations about the price.

Being able to recognise that would allow a good salesman to say something along the lines of, for example, the aftersale service is more, the warranty is longer, actually cars with similar specs and build are higher priced, and that may allay the buyer’s concern.

Also Read: Navigating the capital winter: Strategies for successful fundraising in a slow market

Now imagine a wife who wants to buy a car and asks her husband, who agrees to it begrudgingly and is not prepared to buy a car at all, to come along. In such instances, no matter how much your best effort is, there is almost nothing you could have done.

You can give the same rationale for a longer warranty, and he will quote you another one that is even longer. You recommend a cheaper car, and he would start criticising its build and specs. It is like playing whack-a-mole with him, and no matter what you say, a mole will just pop up.

Such conversations can be soul-crushing.

It is something I made a point of training my salesforce back then so that they could recognise it happening and concentrate on talking to the wife. Or move on and concentrate on greener pastures instead of getting themselves bogged down mentally by it.

That said, while we can do more cold calls to generate more customers to talk to, a chance to present to an investor is hard to come by, and it is only natural to feel dejected afterwards. But I hope being able to tell the difference between Objection and rejection and knowing when you never stood a chance when it is a rejection could spare you those days of ruminating in your head, pondering about what went wrong, what you could have done better.

But why would they do that, you might ask? If they are willing to speak to me, surely they cannot be that begrudgingly husband and should be seriously hunting for a good startup to be so dismissive, you say. 

Well, for starters, there is the Goodhart Law.  Most would instinctively feel like picking one out of 100 vs. one out of 1000. The latter 1 is better than the former one. That is why competitions always feel the need to announce the winner along with the fact of how many have taken part, but at times, it may mean not being able to take the time to hear everyone thoroughly and being overly assumptive. 

Understand that bias (which I also shared more on in this article) also plays a part in any conversation, and at times, nothing you had a role to play in would allow you to walk away undaunted and to keep on trying your fellow founders. 

—

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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We are thrilled to announce that iScale Solutions has joined Echelon X as supporting sponsor. A managed outsourcing and staff augmentation provider, iScale Solutions is dedicated to delivering customised solutions that seamlessly integrate with their clients’ business processes. This strategic partnership marks a significant step towards fostering sustainable growth and addressing the talent challenges faced by companies across the region.

Get Echelon X  tickets: Check today’s discounted rates

At the heart of iScale Solutions’ commitment lies the mission to provide businesses with services that allow them to focus on core operations while ensuring access to the best talent pool. With a keen understanding of the dynamic business landscape, they offer a comprehensive suite of services that transcends traditional outsourcing models.

 

This year at Echelon X, iScale Solutions is set to make a lasting impression with a dedicated exhibition booth. The booth will serve as a hub of knowledge, where discussions will revolve around how they can be the catalyst for sustainable growth, relieving companies of the complexities of talent recruitment and management.

As the global business landscape evolves, the need for strategic partners like iScale Solutions becomes increasingly critical. This sponsorship underscores Echelon X’s commitment to bringing together innovative solutions that shape the future of business.

Also read: Future-proofing businesses and talent through technology

Echelon X 2024 is not just a conference; it’s a convergence of ideas, solutions, and opportunities. Join us in welcoming iScale Solutions to the Echelon community. Come meet them at Echelon X, and together, let’s explore the potential for transformative growth in the ever-evolving business landscape.

Don’t miss out on this chance to connect, learn, and pave the way for a future where businesses thrive. Get your tickets here.

 

Image Credit: iScale Solutions

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We are delighted to announce that Antler has joined forces with Echelon X as a supporting sponsor. As a global investor committed to supporting the world’s most ambitious founders from day zero to greatness, Antler brings a wealth of expertise and a track record of fostering innovation across diverse industries.

Get Echelon X  tickets: Check today’s discounted rates

With a presence in 27 cities spanning six continents, Antler operates as a global community that rallies behind founders from the very inception of their entrepreneurial journey—whether they are pre-team or even pre-idea. Since 2018, Antler has played a significant role in creating and investing in over 1,000 startups globally, spanning a wide spectrum of industries and technologies. Their ambitious goal is to back more than 6,000 startups by the year 2030, setting the stage for a transformative decade of innovation and growth.

 

At this year’s Echelon X, Antler is set to make a profound impact by bringing 20 startups to the Pitch stage—a testament to their commitment to supporting and showcasing cutting-edge entrepreneurial talent. These startups, nurtured and empowered by Antler, represent a diverse array of industries and embody the spirit of innovation that defines the global startup ecosystem.

Antler’s unique approach involves identifying, investing in, and supporting exceptional founders at the earliest stages of their entrepreneurial journey. By providing strategic guidance, resources, and access to a global network of investors and industry experts, Antler serves as a catalyst for turning bold ideas into successful, scalable businesses.

Also read: Pioneering success: The path for early-stage startups

Echelon X attendees are invited to seize the opportunity to engage with Antler and the 20 startups they are showcasing. This is a rare chance to witness firsthand the transformative power of visionary ideas and the impact of strategic support on the trajectory of early-stage startups.

 

Antler’s involvement in Echelon X  signifies a shared commitment to fostering innovation, driving entrepreneurship, and creating meaningful connections within the global startup community. As we embark on this journey together, we invite all attendees to meet the dynamic team behind the success stories, and explore the future of startup innovation.

Echelon X  is more than a conference; it’s a convergence of visionaries, builders, and game-changers. Come, connect, and be inspired by the startups shaping the future. Get your tickets here.

 

Image credit: Antler

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Whether in small startups or large enterprises, standard operating procedures oftentimes guide operational efficiency and cost-effectiveness, delivering on the business performance expected by stakeholders. Their governing principle? “Doing things right” — to minimise errors and ultimately make the recipients (checkpoints in the processes) satisfied.

In the early 2000s, Google famously adopted “Don’t Be Evil” as their principal motto in their code of conduct. After restructuring as Alphabet Inc, the mantra was dropped and replaced with “Do the Right Thing”, to its fair share of criticism.

Leaders and tough decision-making

After dropping “Don’t be Evil”, there was a shift in attitude towards business, with Google shifting its ethical needle in pursuit of business opportunities. In 2018, there were revelations that Google was actively involved with the Department of Defence for drone surveillance technology — prompting 4,000 outraged and concerned employees to sign an internal petition protesting the partnership. Was Google dealing with technology for making killer machines “Doing the right thing”?

Leaders are constantly faced with tough decisions in day-to-day engagements within their businesses. Understandably, profit margins are at the heart of every business and its success, so how do you continue to do things right while doing the right thing?

“Doing the right thing” goes beyond simply achieving profitability; it encompasses the responsibility of balancing the needs of the business with the demands of society, your staff, and your moral compass.

According to the Global Leadership Forecast 2023, only 46 per cent of employees trust their manager to do what is right, with the number dropping to 32 per cent for senior leaders. It is paramount that leaders be able to navigate the complex landscape of business survival while upholding the need to do the right thing.

The two pillars guiding decision-making

At the core of “doing the right thing” in leadership is integrity — involving consistent adherence to a set of moral principles and values, even in the face of challenges or temptations. An integral leader is honest, transparent, and takes responsibility for their actions. They inspire trust and create an environment where employees feel safe and valued.

According to Harvard Business Review, all organisations, regardless of performance level, ranked integrity and ethics as the most important characteristics of leadership. When leaders lead with integrity, they set the tone for the entire business, fostering a culture that promotes ethical behaviour and accountability.

Also Read: Embracing global entrepreneurship: Redefining startup success beyond Silicon Valley

Working hand in hand with integrity, ethics provide the framework within which leaders make decisions. Ethical considerations in leadership weigh the impact of one’s actions on various stakeholders, including employees, customers, shareholders, and the wider community their business affects. Ethical leaders prioritise doing the right thing, even when it may not be the easiest or most profitable path.

They understand that long-term success is built on trust and reputation, which can be easily eroded by unethical behaviour. By demonstrating ethical conduct, leaders inspire their teams to follow suit, creating a positive and sustainable business culture.

I was once offered a very attractive job offer to relocate and lead a marketing team for one of the largest cigarette companies in the world. The marketing budget alone ran into hundreds of millions a year, which is the dream of any marketer. Despite this, I did not accept the offer simply because it goes against my ethos.

Leading with integrity and ethics often means making tough decisions that may not be easy or popular choices. As the founder of a burgeoning health-tech startup, I found myself facing a challenge similar to Google’s profit-driven exploits, albeit on a smaller scale.

Drawing inspiration from Geoffrey Moore’s seminal work, “Crossing the Chasm,” I have come to appreciate the relevance of his insights in guiding our startup through its evolution. Moore’s theory emphasises the significance of new technology transcending its early adopters and making inroads into the mainstream market, ultimately leading to scaling up.

With that, the influx of interest from potential partners presented a dilemma. While a wider adoption of our health-tech solution could propel us into the mainstream in line with Moore’s theory, I grappled with concerns about its ability to deliver enhanced productivity and convenience in the realm of healthcare through all the partners, two cornerstones of our business ethos.

Ultimately, I made the conscious choice to be discerning in selecting our partners, prioritising the genuine benefit our solution brings to both partners and users over immediate expansion and profits. It was a tough but right decision to make.

Also Read: Why all leaders need to understand the impact of modern observability

The ability to make tough decisions requires courage, integrity, ethical reasoning, and a deep understanding of the organisation’s purpose and values. It is during these challenging moments that leaders have the opportunity to demonstrate their commitment to doing the right thing, even when it comes at a cost.

Strategies for leading with integrity and ethics

Although I recognise there is no one-size-fits-all approach, there are strategies that can help leaders navigate the complexity of balancing business survival, profitability, and “doing the right thing”.

Firstly, it is imperative for leaders to articulate a clear set of values and ethical guidelines that serve as the cornerstone for decision-making processes. These principles not only offer a framework for navigating complex choices but also provide a reference point for you and your employees, aligning actions with the business’ overarching mission and values.

In doing so, you can cultivate a harmonious and purpose-driven work environment where ethical considerations are paramount in every decision made.

Secondly, leaders should place a premium on fostering open and transparent communication within the organisation. By prioritising a culture of honesty and openness, leaders can lay the groundwork for trust and accountability to thrive.

Clear and candid communication channels enable employees at all levels to voice concerns, share ideas, and contribute to the business’ growth, ultimately fostering a cohesive and inclusive work environment.

Whilst you make the final decision, the opinion of everyone on board should be taken into consideration. This commitment to transparency not only bolsters trust but also engenders a sense of ownership and responsibility.

Finally, it falls upon leaders to lead by example by exemplifying ethical behaviour and integrity and upholding the business’ values through their actions. By consistently demonstrating integrity, honesty, and ethical conduct, leaders set the standard for others to follow.

Also Read: Neuroscience to the rescue: How startups can dodge burnout

Moreover, holding both themselves and others accountable for their actions reinforces the business’ commitment to ethical conduct. Through this demonstration of ethical leadership, organisations can instil a culture where ethical behaviour is not only encouraged but expected, permeating every facet of the organisation and guiding “doing the right thing” at all levels.

The lasting impact of  “doing the right thing”

Embracing integrity and ethics in leadership is crucial for balancing business survival, profitability, and ultimately “doing the right thing”.

Leaders who prioritise doing the right thing create a culture of integrity, trust, and accountability. They navigate the challenges of tough decisions by considering the impact on various stakeholders and aligning actions with their values.

Doing the right thing in leadership has a lasting impact on company culture, fostering an environment where employees feel valued and motivated. By leading with integrity, leaders can build trust and credibility and, ultimately, achieve long-term success for their organisations.

Nelson Mandela, a personal hero of mine, once said a quote that I keep close: “A good head and a good heart are always a formidable combination.”

 As we strive to “do things right” daily, always ask of ourselves if we are “doing the right thing” in our decisions.

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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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It’s more important than ever for brands to be socially responsible. Consumers are keeping a close eye on what businesses are doing to give back to the community and  support employees throughout the pandemic. And, they aren’t afraid to call out businesses on social media if they feel they’re not doing enough to give back. 

As a result, social media is booming as we continue to wrangle the challenges facing us as a society. Consumers are increasingly using their hard earned cash to vote for the future they want to live in. The majority of Singaporeans agree that they are more likely to purchase from brands with a strong social conscience.

Here, we examine best practice and guidelines for brands looking to publicly communicate their social conscience.

Support through legitimate effort

Consumers want businesses to address the social injustices confronting our world, including equality and climate change. Although, at the same time, consumers are sceptical about ‘woke washing’ where businesses are leveraging these issues as marketing stunts, rather than genuine acts of activism and solidarity. 

Consequently, brands are being denounced for inauthentic effort. In the case of Singapore’s Pride Season, IndigNation, which is celebrated nationally in August each year, many brands have been criticised for ‘rainbow washing’ where they used the rainbow colours or flag, but do not undertake any tangible work to support the LGBTQIA+ community. 

For brands seeking to demonstrate their social conscience, it’s imperative to consider what value they’re adding and what the desired outcome is. Corporate allies and advocates have an important role in society and can champion meaningful change, however, it must feel credible to consumers and the public.

This can be achieved through brand storytelling, with leaders revealing why they are so passionate about the cause and the brand’s journey to relevant efforts of activism. 

Reflecting on IndigNation as an example, brands could look to showcase stories from the LGBTQIA+ community, use their money and platform to address real issues or be educated on the issues faced by the community.

Also Read: How these four India-based startups are impacting the earth

Align social conscience with brand values

Before commenting on social justice issues, businesses should ensure they have a clear track record of actively supporting the cause.

During last year’s global Black Lives Matter (BLM) movement, Ben & Jerry’s rallied against racial inequality and were vocal advocates. With decades of experience in campaigning for a range of social justice issues, such as refugee and human rights, climate change and gender equality, Ben & Jerry’s published one of the strongest public statements regarding the #BLM movement.

The brand went so far as to claim that police brutality “is perpetuated by a culture of white supremacy”. Validating this with real action, Ben & Jerry’s published on its website a list with actionable steps to demolish white supremacy as an open source for other businesses and leaders to lean on.

Corporate activism must be bolstered by a brand’s values in order to feel authentic. In this case, Ben & Jerry’s has a robust history of educating employees and consumers about structural racism and inequality, is focused on diversifying the recruitment process and has created foundations to support important social causes.

As a result, Ben & Jerry’s is a superb example of a business that’s corporate activism is intrinsically matched with its brand values. 

Reinforce with real action

In order to comment on social justice movements, brands must display real action to address the challenges and champion change. 

For example, Bettr Barista believes that coffee can taste good and do good for society too. The brand is committed to changing and improving the lives of marginalised women and youth at risk.

Bettr Barista holds specialty barista classes and over 1,200 professional coffee courses for those looking to upskill. All proceeds go to supporting higher education for youth and communities in need. 

This is an enthralling example of a brand putting its money where its mouth is, while using its platform to champion socially responsible practices and have a positive, far-reaching impact that serves a greater purpose. 

It’s more important than ever before for brands to be socially engaged. In an era where customers hold all the power, brands are being summoned to remain relevant by demonstrating their commitment to a better future. This means being aligned with consumer ideals and important social justice movements. 

There’s generally a fine line between brands doing the ‘right’ thing and being labelled opportunistic. With this in mind, it’s vital to thoughtfully consider what value can be added to the movement and whether their social conscience is in tune with a brand’s actions. 

Brands should be looking to get behind the movements that are important to customers. And if unsure what these are, the best way to find out is to simply ask.

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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

Image credit: artursz

This article was first published on September 1, 2021

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As businesses receive stronger pressure to focus on their environmental impact, startups across Southeast Asia (SEA) offer their expertise to help businesses achieve their sustainability goals. In Malaysia, one example of such a startup is Pantas.

Co-founded by Eong Tat Ooi, Nurul Syaheedah Jes Izman, and Max Lee, Pantas enables businesses to track, manage, and disclose their ESG metrics, with a particular focus on carbon emissions. It aims to address inherent pain points in the traditional process of managing ESG metrics, such as manual data handling and the scarcity of specialised climate expertise.

In March 2023, Pantas became the main software partner and coordinator of the Central Bank of Malaysia’s Greening Value Chain (GVC) Programme, an initiative to assist SMEs in implementing impactful long-term change to green their operations. It serves as a customised solution to enable large corporate buyers (“anchors”) to measure and manage their supply chain emissions (known as Scope 3), facilitating anchors to address regulations such as the EU’s Carbon Border Adjustment Mechanism (CBAM).

Starting from its Kuala Lumpur headquarters, Pantas has expanded to Thailand and Indonesia with a team of over 20 employees. The company has raised a US$2.5 million seed funding round from VCs and angel investors.

Serving clients from a wide range of industries, from healthcare to aviation, Pantas collaborates with both local and international partners such as Huawei, Solarvest, Safetruck, SOLS Energy and more, to offer smart bespoke decarbonisation solutions to businesses looking to manage their emissions.

Also Read: Why Quest Ventures believes that the human-centricity of ESG investing will be more apparent

The following is an edited excerpt of our interview with it.

Please tell us about your product development process and how you developed this solution.

In developing our solution at Pantas, we recognised a significant gap in the market, particularly in SEA, where businesses grappled with the challenges of carbon emission management and disclosure. The prevalent reliance on manual processes not only introduced risks of human error, misreporting, and potential greenwashing but also hindered companies’ ability to manage and communicate their decarbonisation efforts effectively.

Motivated by the urgent need for a more efficient, accurate, and user-friendly approach, we set out to innovate a solution that would alleviate these pain points. Our product development was driven by a deep understanding of the complexities involved in carbon management and a commitment to empowering businesses to meet and exceed regulatory and stakeholder expectations.

Through leveraging advanced technology, Pantas developed a platform that transforms the arduous task of measuring carbon emissions, recommends smart decarbonisation strategies from ecosystem partners, and facilitates access to specialised financing options through its network of banking partners. This end-to-end experience enables our clients to lead with confidence in their sustainability initiatives whilst promoting operational efficiency and building long-term resilience.

Who are your users? How do you acquire them?

Our clients are large enterprises/listed companies whose regulators or customers mandate disclosure and reduction of their carbon footprint. With the rise of global climate regulations like the International Sustainability Standards Board (ISSB) under IFRS and stringent EU regulations (such as the EU’s Carbon Border Adjust Mechanism), the number of disclosures impacting these companies is growing.

At Pantas, we respond to this need by offering a customised carbon management and ESG platform designed to streamline the tracking, management, and reporting process, ensuring our clients comply with these regulations and lead in corporate environmental responsibility.

Also Read: How STACS aim to help businesses comply with ESG regulations with its ESGpedia tool

What is your revenue model? How do you balance between creating an impact and making a profit?

Pantas operates on a Software as a Service (SaaS) model, where clients subscribe to our solutions on a yearly basis. The subscription includes our cutting-edge management platform and includes added features/services such as API integration with ERP systems, tailored decarbonisation strategies, and access to financing through its network of banking partners.

As part of the offering, Pantas provides its clients with a white-glove service where the solution will be customised to meet each client’s unique needs.

Our revenue model is designed to align our success with that of our clients; we view ourselves as a software provider and a committed partner in their sustainability journey.

Can you tell us about how the Central Bank of Malaysia partnership came to be?

The partnership between Pantas and BNM for the GVC Programme was initiated at a crucial time when global awareness and regulations focusing on supply chain emissions (such as EU’s CBAM) were on the rise.

Given the complexity of measuring and managing supply chain emissions, an end-to-end solution was needed to achieve GVC’s goal effectively. As a result, the programme includes the relevant capacity building, technical advisories, a simplified carbon management and ESG platform from Pantas, and sustainability-linked financing for SMEs, where SMEs benefit from reduced financing rates upon achieving carbon reduction targets.

What is your major plan for 2024?

In 2024, we are focusing on expanding our business with a strong emphasis on international growth, particularly in Thailand, where we have hired local expertise to serve the Thai market better.

Also Read: For startups, embracing ESG focus is a sure-fire way to secure corporate success

In addition, we are deepening our collaborations with new and existing decarbonisation partners, especially in renewable energy, waste management, and Battery Energy Storage Systems (BESS).

Furthermore, we are strengthening our engagement with financial institutions to promote and facilitate sustainable finance across the region more effectively.

For Pantas, 2024 is poised to be a year of leveraging strategic partnerships, fostering innovation, and championing sustainable practices as we aim to expand our footprint both locally and internationally.

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Image Credit: Pantas

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As founders, is any topic more top of mind these days than AI?

Here on e27, it certainly doesn’t seem that way, with recent reports from fellow contributors on artificial intelligence in the context of anything from productivity to mental health. 

Some of the work done in the region is even hitting the world stage, like Vietnam’s ELSA Speak landing a spot in the Top 30 Generative AI tools.

But another side of AI is seeing less discussion: the potential massive displacement that AI could bring about.

And when I say massive, I mean massive.

In a recent report, the International Monetary Fund warned that artificial intelligence could affect nearly 40 per cent of jobs worldwide. 

On the one hand, this means the potential for companies to do more with less. 

But what does this mean for our jobs and that of our teams?

Let’s dive in.

Why AI has been on the rise 

First of all, why is AI adoption progressing so quickly, especially in startups?

The answer is (as always) in the numbers.

According to Bain, AI makes work up to 41 per cent faster. 

Indeed, 81 per cent of Generative AI users we polled said they’re already more productive thanks to Generative AI.

As the research shows, AI helps them automate Email and Communication (50 per cent), Data Analysis and Reporting (45 per cent), and Research (42 per cent).

Early Copilot users agreed in a study that its maker, Microsoft, recently released and largely said they would never want to go back to a work-life without AI. 

As startup founders looking at how to manage our time and resources best in 2024, it’s hard to say no to those kinds of productivity gains. 

The one-person unicorn

But it goes further than that. 

If Generative AI continues its high velocity of capacity and capability improvements, we can do more and more without needing to hire large teams.

Also Read: AI and ethics in digital marketing: Building trust in the tech era

Just look at the next generation of ChatGPT.

In an interview with Bill Gates, Sam Altman shared how ChatGPT 5 will be immensely more powerful, with stronger reasoning skills and vastly improved reliability. 

OpenAI will also add video as one of its ‘models,’ allowing ChatGPT to become an integrated companion in how we live and work in 2024.

More recently, Sam Altman shared how all these improvements will eventually lead to someone creating a one-person unicorn.

This aligns with one of my 2024 Predictions and builds on previous insights from Ben Parr of Octane AI. In a podcast interview, he said, “People are realising how much of their companies they could automate. I believe that there will be a billion-dollar company built in the next five-ish years that has one to three people at the top because you can automate almost everything else. It’s going to happen.”

NFX’s James Currier explains how this may sound far-fetched but how it’s actually very possible, “They will be able to develop software faster and better with AI dev co-pilots. Run sales prospecting, qualifying, and outreach with AI automated systems. Run marketing campaigns with AI optimisations.

Run AI customer service and success faster and with higher quality. Run accounting and legal cheaper and faster. Run analytics with more detail, less fuss, and better results. Set up self-healing data pipelines. Set up automated workflows. File taxes and other government requirements. All with AI.”

While we are far from a unicorn, we transitioned to this kind of team last year, focusing on a small group of high-performing team members who use AI daily to create exponential outcomes.

This helps us stay agile and innovate quickly, while as a company, we benefit from reduced overhead – from payroll to employee engagement costs.

How AI will drive job losses in the region

Whether you aim for a 1-3 person unicorn or not, it’s clear that AI will lead to job losses, including in our region. 

In their report “Gen-AI: Artificial Intelligence and the Future of Work,” the IMF predicts that 40 per cent of jobs will be affected by AI. 

Also Read: AI transforming LinkedIn content: Our custom GPT journey

The researchers highlight that AI can perform tasks that usually require human brain power, like processing language, recognising patterns, and making decisions. Many jobs could become redundant as AI improves at taking over our work.  

A second report by Goldman Sachs pegs the number lower at 18% of full-time jobs globally but still at an incredible 300 million roles. 

It lists Hong Kong and Singapore as most affected in the APAC region, with developing markets like Vietnam (where I am based) impacted less, and later, due to lower labour costs, there is less pressure to automate jobs.

Examples of jobs popular in the region that AI could replace are:

• Coders: Software companies and “dev shops” lead AI adoption, with tools like GitHub co-pilot and screenshot-to-code improving coders’ productivity. Consequently, 94 per cent of engineers say AI already leads to lower salaries. As I shared with CNBC, “Even the best engineers will be valuable until they are not.” 
• Customer service: A huge market in The Phillippines, AI-powered customer service is revolutionising the industry, providing quick and accurate responses at a much lower cost and boosting the performance of less skilled employees by up to 35 per cent. 
• Designers. The progress of image-generating tools in just one year is astonishing. It’s not hard to imagine that AI can produce anything you want, cutting out the need for a designer in most cases. The data agrees: right after ChatGPT-4 launched, freelance designer’s rates fell by over 10 per cent. 

Of course, not all jobs will be affected. 

While AI will replace many jobs, especially those with administrative and legal tasks, building maintenance, construction, food services, and personal care roles will be less impacted, according to the Goldman Sachs report.

The bottom line

AI has truly transformed the workplace by 2024 and is set to disrupt work even further.

With 81 per cent of users reporting increased productivity and Bain estimating up to 41 per cent faster task completion, AI will be undeniably attractive for employees and employers – there’s no stopping it. 

For startups, especially in higher-income markets in the region, this means an opportunity – and likely a mandate – to reduce the number of roles and tasks that machines can perform.

Not only does this help the bottom line, but it also helps people focus on the things humans are uniquely capable of and which are more rewarding than emailing, analysis, and reporting.

As AI evolves, especially towards AGI, and replaces more human skills and even full roles, its impacts will be more worrisome. 

This is a future we all need to be ready for – and smart leaders prepare for today.

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In the developed regions of the Asia-Pacific (APAC), financial inclusion tells a tale of success; in Japan, 98 per cent of adults aged 15 and above have financial accounts, while South Korea boasts a 95 per cent banking service penetration among the same demographic. 

Southeast Asia (SEA) is also experiencing robust growth. According to the e-Conomy SEA Report by Google, Temasek, and Bain & Company, SEA’s digital economy is expected to reach approximately US$360 billion by 2025.

Amidst this growth, a dynamic narrative is unfolding where younger investors are leading the burgeoning economy of digital finance.

Demand drivers for financial opportunities

The technological transformation of SEA is driven by a highly adaptable, digitally savvy youth. This is evident in their preference for mobile channels, particularly in mobile banking. A study by IT security company Entrust revealed that in SEA, mobile banking usage through apps is notably high, with 65 per cent and 71 per cent of respondents in Singapore and Indonesia, respectively, using these tools predominantly to manage their finances.

Also Read: Leveraging AI and ML in supply chain management for smarter decision making 

Reflecting on this transformation, an EY Singapore report emphasizes, “In 2024, Southeast Asia’s financial services sector will see the profound impact of emerging technologies and strategic innovation. The sector will increasingly be characterised by instant cross-border payments, embedded finance, and core banking modernisation.”​

Besides core financial services, SEA has experienced the rise of novel finance apps and new methods of generating online income. For instance, the play-to-earn model of Axie Infinity gained significant traction in the Philippines, where it became an alternative income source during the pandemic-induced unemployment surge.

However, the rapid growth and popularity of such platforms also highlight critical flaws, including a significant gap in financial knowledge and economic sustainability. The volatility of Axie Infinity, for instance, has sparked debates about the long-term viability of play-to-earn models, raising concerns about players being able to generate sustainable long-term revenue.

While acknowledging the novel efforts of gamified fintech models, innovations are stepping in to offer simplified, accessible entry points into the world of fintech — especially trading and investments. 

Copy trading platforms, for example, allow novice traders to enter the trading space even with little knowledge of trading. New entrants can copy the strategies of seasoned traders and emulate successful trading strategies. 

“Conventional copy trading has apparent benefits for novice users. However, the shortcomings often outweigh the benefits — the technical inefficiencies associated with this model lead to varying results for the copiers. The leading traders’ results will always be different than the copiers’, making it an ineffective tool for portfolio management,” says Bartolome R. Bordallo, Co-Founder and CEO of Zignaly.

AI’s revolutionary impact on fintech

For fintech, the role of artificial intelligence (AI) and machine learning (ML) are pivotal in democratising access to financial services. These technologies simplify complex market dynamics and provide users with in-depth analytics and critical insights that were once exclusive to institutions and professionals.

Social investment platforms, for instance, use AI extensively to enhance tools for retail users. AI’s ability to process information from large data sets makes it a great ally in the trading industry. It can help recommend stocks, predict market movements, optimise portfolios, automate risk management, and manage trading bots. 

Also Read: Navigating the gender divide in the Southeast Asia’s fintech landscape

Another example is the use of AI-powered algorithms like Zignaly’s Z-Score, which analyses data from over 22 million trades. The algorithm evaluates trader performances based on factors like risk, profitability, asset diversity, and management efficiency, ensuring that highly qualified traders are curated through smart algorithms. 

“In Southeast Asia, where the fintech industry continues to grow rapidly, the adoption of AI and ML is especially strong. With the help of new technologies, companies can provide more convenient and affordable services, improve the speed of processing requests, and increase their level of security,” states Natalia Ishchenko, CEO of UnaFinancial. 

With fairness in mind, AI-driven profit-sharing models ensure consistent outcomes for all participants, enabling users to securely delegate their funds to qualified traders through a pooled fund management approach.

Asia’s financial trajectory

As the fintech industry continues to evolve, the emergence of profit-sharing models and user-friendly trading platforms is making professional-grade financial tools available to the mainstream. Furthermore, the integration of AI is democratising algorithmic trading, making sophisticated trading strategies more accessible, affordable and tailored to individual preferences.

The availability of retail-friendly platforms tailored for Asia’s digitally savvy investor base also creates a clear incentive for fund managers to deploy high-quality, successful trading strategies. For platforms like Zignaly, this model has successfully onboarded 500,000 users to connect with over 150 veteran fund managers, who collectively managed US$125 million in digital assets. 

Financial tools are becoming not just sophisticated with AI but also more attuned to the diverse needs of Asia’s growing investor base, elevating the standards of mainstream fintech.

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The role of operators with deep industry experience has become increasingly pivotal in steering investments toward long-term success. As we delve into sectors as diverse as agritech, biotechnology, and edutech, it’s clear that the nuanced understanding and hands-on expertise of seasoned operators can significantly enhance the value and impact of investment decisions.

NewCampus serves as an example within the education sector, illustrating how operator-led investors can drive transformative change in the way we learn and grow. Education companies who join our Animoca and Binance-backed accelerator benefit immensely from the involvement of operators who possess a deep understanding of educational pedagogies, digital learning platforms, and the evolving needs of the global workforce. 

From expertise to investing

We’re not alone. Take, for example, the agritech sector, where companies are harnessing cutting-edge technologies to revolutionise farming practices, enhance crop yield, and address pressing global food security challenges.

In this context, operators with a profound grasp of agricultural sciences, supply chain logistics, and the unique challenges faced by farmers can offer invaluable insights. They not only identify promising investment opportunities but also actively contribute to the strategic direction and operational excellence of these ventures, ensuring that innovations are both practical and scalable.

Also Read: How to launch collaborations that grow communities: A guide for Web3 founders

Companies like Verqor and Arado have made significant strides, not only in advancing agricultural technologies but also in venturing into investing in other companies within their verticals.

Verqor, for instance, has disrupted the agricultural sector with its platform that provides farmers with cashless credits for purchasing supplies and technology, utilising alternative data-driven credit scoring criteria to achieve financial inclusion and technification of fields​

Similarly, in the biotechnology realm, where the stakes involve breakthrough medical treatments and life-saving therapies, the importance of operator expertise cannot be overstated. Operators with a background in life sciences, clinical research, and pharmaceutical development bring a critical eye to investment decisions, ensuring that resources are channelled into ventures with solid scientific foundations and genuine potential to impact healthcare outcomes.

Their expertise is crucial in navigating the complex regulatory landscapes, clinical trial processes, and market dynamics that define the biotech industry.

There are also notable examples of individuals who have seamlessly transitioned from being operators with deep scientific expertise to investors and entrepreneurs, significantly impacting healthcare outcomes through their ventures.

One such individual is Jorge Conde, a General Partner at Andreessen Horowitz, who leads investments at the intersection of biology, computer science, and engineering. Conde’s background in genomics, immuno-oncology, and computational biology, combined with his experience in venture capital, exemplifies the crucial role that operator expertise plays in driving biotech innovations from concept to market.

The integral role of operators

The involvement of experienced operators in the investment process brings a multitude of advantages. Firstly, their industry-specific knowledge enables them to conduct more thorough due diligence, identifying not only the strengths and potential of startups but also the risks and challenges that lie ahead.

Secondly, operators often bring a robust network of industry contacts, opening doors to strategic partnerships, talent acquisition, and market opportunities that can accelerate growth. Lastly, their practical experience equips them to provide hands-on mentorship to founders and leadership teams, guiding them through critical growth phases and operational hurdles.

Also Read: What founders need to know about creating a cap table

Operators act as the bridge between visionary ideas and their tangible realization in the market. They ensure that investments are not merely transactions but strategic engagements that nurture innovation, drive sustainable growth, and ultimately contribute to the greater good.

As we continue to explore and invest in emerging technologies and sectors, the role of operators as stewards of long-term value creation becomes increasingly vital. Their insights and expertise not only enhance the probability of success for individual ventures but also contribute to the broader ecosystem, fostering a culture of innovation that is grounded in practicality, sustainability, and impact.

Moving forward

As we navigate the complexities of the modern business landscape, let us spotlight the role of operators in investment decisions. By leveraging their experience and insights, we can ensure that our investments go beyond mere financial returns, driving meaningful progress and innovation across industries.

Whether it’s transforming agriculture, advancing medical science, or reimagining education, the wisdom of seasoned operators will undoubtedly be a key catalyst for change and growth in the years to come.

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